Minister of Finance and Coordinating Minister of di Economy for Nigeria, Taiwo Oyedele, don fault di high cost of borrowing by developing economies.

E talk say dem dey pay estimated $500 billion more than wetin dem suppose pay compared to developed countries.

Oyedele urge di International Monetary Fund (IMF) and di World Bank Group to make concessional financing more affordable.

E believe say developing countries no suppose respond to mounting fiscal pressures by putting additional taxes on vulnerable citizens and productive sectors.

Oyedele, wey chair di Intergovernmental Group of Twenty-Four (G-24), talk am for di ongoing World Bank/IMF Annual Meetings for Bangkok, Thailand, where e also defend Nigeria economic reforms, including di sequencing of fuel subsidy removal and foreign exchange liberalisation.

E talk say developing economies need to mobilise domestic revenue, eliminate waste and attract private capital while making sure say borrowing translate to jobs, inclusive growth and better living standards.

"We call on both di IMF and di World Bank to find means of making particularly short-term, more affordable concessional borrowing available to particularly di vulnerable countries," e talk.

E also urge di institutions to develop frameworks and policies for mobilising private capital so dat scarce public funds go fit dey directed towards essential services.

Oyedele acknowledge say borrowing dey necessary for economic development but talk say debt financing must generate positive outcomes, particularly employment and inclusive growth.